EUR/USD - Is still fighting with important support in the 132 - 133 area, but once this area is broken, the downside is wide open.Short term is looking for resistance in the 133.40 - 133.60 area, which I expect will protect the upside for the next pressure to the downside and possible a break below support at 132.10.
USD/JPY - The big ending diagonal (falling wedge), which has defined wave 5 is still intact, but for how long? I'm still looking for a more serious challenge of the resistance line at 79 and a break above here (will probably not be easy...) will confirm, that a long term bottom is in place and a rally towards 115 has begun.Short term I will look for support in the 77.30 - 77.40 area for a break above 77.80, which sets the stage for the next push towards resistance at 79.
S&P 500 - I still think we ideally should some more consolidation of the fall from 1,264, but as I have previous stated we are in wave iii down and this is a very powerful wave and correction can be very shallow almost to the none-existent. Therefore be careful.Short term I still looking for a move towards 1,198.50 area from where the next powerful decline towards the neckline support at 1,082 should be seen.
Gold - Tried to bounce once again, but without success. Looks a little like a boxer getting knock-down every time he tries to stand up.
Crude Oil - The pressure to the downside is getting stronger. Two weeks ago we saw a long wicked bearish candle, which still dominates the picture. We could see a move closer towards 100, but from there pressure should again build towards the downside for a break below 98.35 and more importantly 95. A break below 95 will open up the downside for a decline towards the long term neckline support at 77.85.
Gold - Tried to bounce once again, but without success. Looks a little like a boxer getting knock-down every time he tries to stand up.We have just seen a other failure break above the channel resistance-line and the should push us back down to support at 1,640, if this support breaks too, then we should see a decline towards the channel mid-line near 1,300.
Short term we could see gold a little higher towards 1,715 - 1,716 from where the next decline should set in. Only a break above 1,735.30 will relieve the downside pressure.
Crude Oil - The pressure to the downside is getting stronger. Two weeks ago we saw a long wicked bearish candle, which still dominates the picture. We could see a move closer towards 100, but from there pressure should again build towards the downside for a break below 98.35 and more importantly 95. A break below 95 will open up the downside for a decline towards the long term neckline support at 77.85. 
Hello Sir
ReplyDeleteI think today finished 2 wave of wave C, we will see below 90 as soon as possible, max. it will take 10 days only.
My post about crude oil
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